Tugu Insurance posts 84% net profit growth in 2019
JAKARTA - PT Asuransi Tugu Pratama Indonesia Tbk (TUGU), also known as Tugu Insurance, posted a net profit increase of 84.1% year on year (yoy) to Rp 458.7 billion in 2019.
In the same period, the PT Pertamina (Persero) subsidiary also posted a consolidated gross premium surge of 26.5% yoy to Rp 6.4 trillion.
“The premium increase was largely contributed by our aviation, fire, miscellaneous, and motor vehicle insurance products,” Tugu Insurance President Director Indra Baruna said after the company’s AGM on Tuesday (30/6) as quoted from a press release received by IDNFinancials.com.
In addition, revenue from the underwriting segment also grew 28% yoy to Rp 922.2 billion. According to Mr Baruna, the segment’s positive performance was a result of the company’s effort in mapping and maintaining accounts with adequate underwriting results as well as maximising its retention capacity against possible risks.
In 2019, Tugu Insurance managed to maintain a global rating of A- (Excellent) from insurance rating agency A.M. Best. As of the end of the fiscal year, the company had Rp 20.7 trillion in assets, up 18.9% from the previous fiscal year, and a Risk-Based Capital (RBC) ratio of 434%, far above the Financial Services Authority’s (OJK) minimum requirement of 120%. (MS)